If A and B are substitute goods, a decrease in the price of good A would:
A. have no effect on the quantity demanded of B.
B. lead to a decrease in demand for B.
C. lead to an increase in demand for B.
D. none of the statements associated with this question are correct.
Answer: B
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Aimee sells hand-embroidered dog apparel over the Internet. Her annual revenue is $128,000 per year, the explicit costs of her business are $42,000, and the opportunity costs of her business are $30,000. What is her accounting profit?
A) $12,000 B) $56,000 C) $86,000 D) $98,000
During 2005, the tax rate on the top income bracket in the U.S. tax system was _____
a. 28 percent b. 31 percent c. 35 percent d. 39 percent
To function as a monopoly, OPEC and other cartels rely on __________ among members
Fill in the blank(s) with correct word
To be considered scarce, an economic resource must beba I. free. II. limited. III. desirable.
a. I, II, and III b. I only c. II and III d. II only